§ 2874-A — Mortgage loans to eligible secured hospital borrowers

New York § 2874-A

• Jurisdiction: New York
• Law PBH: Public Health
• Art. 28-B: Hospital Mortgage Loan Construction

Text

* § 2874-a. Mortgage loans to eligible secured hospital borrowers.\nExcept as specified herein, eligible secured hospital borrowers shall be\nsubject to all of the requirements to which eligible borrowers are\nsubject under this article. Mortgage loans to eligible secured hospital\nborrowers shall be subject to the following criteria:\n 1. The medical care facilities finance agency shall not make a\nmortgage loan to eligible secured hospital borrowers unless the\ncommissioner has recommended the project based on public need, the\nhospital discloses the financial resources available to it, and the\nhospital complies with the provisions of article twenty-eight of this\nchapter. In considering the financial resources available to support a\nproject, the commissioner shall take into account programs designed to\noffset eligible secured hospital borrowers' past and current unmet bad\ndebt and charity care losses.\n 2. A mortgage loan to an eligible secured hospital borrower made by\nthe medical care facilities finance agency shall not exceed an amount\nequal to one hundred percent of the total project costs, which costs\nshall include all costs associated with the refinancing of indebtedness\nattributable to unmet bad debt and charity care losses. To ensure the\ntimely repayment of the principal and interest due on the indebtedness\nrelating to such refinancings, the commissioner may authorize\nreimbursement to eligible secured hospital borrowers for capital related\nexpenses including but not limited to depreciation, rentals and interest\non capital debt and may advance the payment of depreciation to such\nborrowers as needed.\n * NB Expired December 31, 2015\n